The aforementioned Ant Group was ordered by Chinese regulators to restructure into a financial holding company, and Alibaba ( BABA) was ordered to pay a $2.75 billion antitrust fine in April 2021.
#Tencent wechat pay 800m cracked
Tencent ( OTCPK:TCEHY) shares fell nearly 8% to $48.58 on Thursday.Įarlier this week, it was reported that Tencent ( OTCPK:TCEHY) could face a record fine for potential money laundering via its WeChat Pay mobile network.Ĭhina has cracked down on companies in the past year, especially tech firms. WeChat is used by more than 1 billion people around the world and WeChat Pay handles "billions of dollars" on a daily basis, Bloomberg explained. The move would put all of Tencent's financial operations, including banking, securities, insurance and credit-scoring services into the holding company so it can be regulated like a bank, the news outlet added, citing people familiar with the matter.īy putting WeChat Pay into the holding company, Tencent ( OTCPK:TCEHY) would likely operate it separately from the rest of WeChat and could add uncertainty as it is one of the main features of the app and potentially reduce convenience. This year, France and Switzerland held their first cross-border trials, with many more set to follow soon.Michael Vi/iStock Editorial via Getty ImagesĬhinese internet giant Tencent Holdings ( OTCPK:TCEHY) could be forced to overhaul its operations and put WeChat Pay into a financial holding company, similar to what happened with Ant Group, after pressure from Chinese regulators, according to Bloomberg. Russia, Japan, India, and South Korea are planning to start pilot projects for CBDC trials in 2022, but the United States has yet to formalize any realistic CBDC plans. China has taken a big lead in the development of CBDC for public usage, outpacing the majority of nations that are still in the research and development stages.Ĭurrently, more than 100 countries throughout the world are working on bringing their own national CBDC in some form.
#Tencent wechat pay 800m android
China gearing up to launch CBDCĪs per our previous report, the central bank of China unveiled a pilot version of a digital yuan wallet software for iOS and Android users earlier this week. As a result, it makes perfect sense for the People’s Bank of China to collaborate with WeChat Pay and Alipay rather than doing it alone. “Chinese consumers are so locked in WeChat Pay and Alipay it’s not realistic to convince them to switch to a new mobile payment app,” Linghao Bao, an analyst at consultancy firm Trivium China, told CNBC. WeChat Pay has more than 800 million monthly active users. for e-commerce merchants and consumers via digital wallets, Tencents WeChat, China.
16 million WeChat Payment daily commercial transactions/day in December 2015 Chinese campus H1 2019. WeChat Pay allows users to chat, pay bills, and purchase food and transportation. Initially arriving on the scene in the form of online-based payment. WeChat cross-border payment services are offered in more than 60 markets.
WeChat has been called a “mega-app” due to its massive user base and the plethora of wrapped offerings. It will gain a big boost if citizens start transactions for goods and services with WeChat, which has over 1 billion active users. Since 2014, China has been working on a digital yuan, but it has yet to be adopted statewide. 6, 2021, that it will start taking digital yuan payments through its mobile wallet WeChat Pay. WeChat Pay offers over 800M active users to central bankĪs per a local news article, Tencent announced on Jan. Tencent, which owns popular messaging app WeChat, has backed down in the race to become Chinas largest micro payments provider in its ongoing struggle to. China’s most popular messaging app, which is also the country’s most widely used payment platform, WeChat, will begin to accept the Chinese Central Bank Digital Currency (CBDC).
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